Dime Financial Corp.

October 19, 1995|By From staff reports

The parent of Dime Savings Bank of Wallingford Wednesday reported net income of $2.1 million, or 42 cents a share, for the quarter ended Sept. 30, up from $1.1 million, or 21 cents a share, a year earlier.

Wallingford-based Dime Financial Corp. also announced that it will cut 10 more jobs as part of a downsizing that began in the second quarter. The total number now stands at 71.

The additional layoffs are mostly in data processing. The bank plans to hire an outside vendor to perform those operations.

The bank expects a charge of $800,000 in the fourth quarter, tied to the additional severance pay and a writedown related to data processing equipment. The charge is expected to be substantially offset by a deferred tax credit.

The bank's bottom line benefited from earlier cost-cutting measures, but the bank is still struggling with the soft economy in its market area.

As of Sept. 30, assets were $632.6 million, compared with $652.8 million a year earlier. Net loans were $466.5 million, down from $504.2 million. Deposits were $519.4 million, down from $538.5 million.